Setting and Managing Bill Rates
The bill rate is a critical component in project management, representing the charge to clients for the time invested by team members on a project. Effective bill rate management ensures accurate client billing and reflects the value provided by the project team.
Managing Hourly Rates for Team Members: In TeamWave, you have the flexibility to manage hourly rates for individual team members. This allows you to set specific bill rates based on factors such as skill level, experience, and expertise. By assigning personalized rates, you can ensure that the bill rates accurately reflect each team member's value contribution to the project.
If you're starting a new project or working with a team member who doesn't have an assigned rate yet, you can easily add default hourly rates. This feature is particularly helpful for streamlining billing processes and works as a temporary solution until custom rates are assigned.
Accessing Bill Rate Settings: To access the bill rate settings in TeamWave, follow these steps:
- Navigate to the Project settings within your TeamWave account.
- Click on the "Bill rate" tab, which will direct you to the bill rate settings page.
On the bill rate settings page, you will find a list of team members and their respective hourly rates. This interface allows you to view and edit individual rates to ensure accuracy and flexibility in project billing.
Editing Hourly Rates: To edit the hourly rate of a team member, follow these steps:
- Locate the team member in the list on the bill rate settings page.
- Update the hourly rate according to the desired amount.
- Save the changes by clicking the "Save" button.
Adding Default Hourly Rates: To add a default hourly rate for a team member who doesn't have an individual rate assigned yet, follow these steps:
- Enter the default hourly rate for the team member.
- Save the changes by clicking the "Save" button.
